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BRIEF-Strides Shasun to de-merge commodity API business into new co
February 3, 2017 / 9:16 AM / 10 months ago

BRIEF-Strides Shasun to de-merge commodity API business into new co

Feb 3 (Reuters) - Strides Shasun Ltd

* Says co to be renamed as Strides Pharma Ltd

* Says “in Africa for Africa” strategy remains; exiting Africa generics manufacturing business

* Says post the structuring, co to operate through its 2 divisions of regulated and emerging markets

* 6 generic facilities in africa to be divested to existing management

* Says exit from Probiotic business

* Divestment of probiotic portfolio will not result in any capital gain or loss for co

* Says probiotic business unable to achieve intended strategic objectives, milestones over last 12 months

* Says seeks members’ nod to de-merge commodity API business into a new listed entity

* API new co to have portfolio of DMF filings to start with, will be complimented by 5 manufacturing sites

* Says new co to issue shares to members’ of co & Sequent Scientific based on swap ratio

* Deal for API new co in principle approved by board of both cos

* Says appointed date of API scheme of merger will be Oct 1, 2017

* Co does not plan to have further investment in any B2B businesses

* Says co to cap total equity infusion at $22 million for significant minority stake

* Remainder of capital commitment to be funded by promoters of co, GMS holdings

* Says human API business of Sequent Scientific proposed to be carved out into API new co Source text: Further company coverage:

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